The European Food HICP analysis for 2024 indicates significant variance across countries. Hungary leads with the highest index value, followed by Lithuania and Bulgaria, reflecting substantial food inflation. Conversely, Ireland and Switzerland show the lowest values, indicating relatively stable food prices. Year-on-year, the steepest increases were observed in Hungary, Montenegro, and Lithuania, with over 9% growth in 2023 compared to 2022. Over the past five years, countries like Hungary and Lithuania have shown a high compound annual growth rate (CAGR), demonstrating ongoing inflationary pressures in their food sectors.
Future trends to watch include:
- The impact of global supply chain disruptions on food prices.
- Potential policy interventions by individual countries to curb food inflation.
- Changes in consumer behavior as a response to rising food costs.
- Economic conditions, such as currency fluctuations, that might affect future inflation rates differently across Europe.
Top countries in Food HICP by Country
| # | 10 Countries | Indexes 2015 = 100 | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Hungary | 163.54 | 2022 | +29.06% | +9.73% | View data |
| 2 | 2 Lithuania | 147.77 | 2022 | +26.19% | +7.1% | View data |
| 3 | 3 Bulgaria | 147.58 | 2022 | +22.44% | +7.35% | View data |
| 4 | 4 Albania | 144.39 | 2022 | +11.35% | View data | |
| 5 | 5 Latvia | 143.5 | 2022 | +22.14% | +5.99% | View data |
| 6 | 6 Estonia | 141.13 | 2022 | +20.47% | +5.91% | View data |
| 7 | 7 Serbia | 140.8 | 2022 | +19.63% | +6.29% | View data |
| 8 | 8 Poland | 140 | 2022 | +15.04% | +5.86% | View data |
| 9 | 9 Romania | 138.81 | 2022 | +16.65% | +6.73% | View data |
| 10 | 10 Slovakia | 137.5 | 2022 | +19.27% | +6.32% | View data |
